What is the Fair Tax? Q.What is the Fair Tax? A.The Fair Tax Act of 2023 (HR 25) would replace the federal individual income tax, corporate income tax, payroll taxes, and the estate and gift tax with a national retail sales tax. Read more about What is the Fair Tax?
How did the TCJA change the standard deduction and itemized deductions? Q.How did the TCJA change the standard deduction and itemized deductions? A.The Tax Cuts and Jobs Act nearly doubled the standard deduction and eliminated or restricted many itemized deductions in 2018 through 2025. It also eliminated the “Pease” limitation on itemized deductions for those years. Read more about How did the TCJA change the standard deduction and itemized deductions?
What is a broad-based income tax? Q.What is a broad-based income tax? A.One that minimizes tax preferences with the goal of increasing revenue at a given rate of taxation. Read more about What is a broad-based income tax?